Bitcoin surpassed $80,000 this week, peaking at $81,272, marking a new market regime according to Andy Baehr, managing director of asset management at GSR. After a particularly slow summer with thin volumes, digital asset funds saw record outflows of $8 billion over eight consecutive weeks before demand returned. Bullish signs accumulated: $1.06 billion in bearish liquidations in a single day and nearly $2 billion in net inflows to spot Bitcoin ETFs over five days. Baehr, who spent 25 years on derivatives desks at Morgan Stanley and Credit Suisse, notes that flows into Ethereum and Solana reflect a bet on blockchain adoption, and advocates for passing the Clarity Act this year to clarify regulation between the SEC and the CFTC.
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